Trade Plan for 9/18
See the weekly post before reading: The Week Ahead
We had started watching GOOGL last Wednesday evening and entered long on the break of $153.51 last Thursday. We took some profit today in the 50-66% range on October calls. I am also holding commons. I did a brief video on it which can be seen here Is Googl Going to Zero?!?!
We also added some AAPL 0.00%↑ commons (some added calls) yesterday and it is so far consolidating nicely and holding where it needs to hold
For today we were monitoring a box within a box. The prior SPX ATH of 5669.67 was/is the top of the broader box, and we were monitoring 5663.75-5702.25 as a prospective box on ES December contract (ESZ). Within the box we were monitoring 5689.5-5691 and 5679-82 for buying activity, primarily if we traded lower first.
We can see the overnight session consolidated above 5689.5-5691 and ripped through the top of the box during the European session and we opened cash hours on a large “true gap up.” It really was that easy for the Europeans. We got the drive to SPX ATH where we were monitoring for a look above and fail that could take us back to the ES box and potentially back within.
We got the look above and fail, which was also a look above and fail of today’s initial balance (IB) high.
From there we sold back to and into the box and put low of day just off the 79-82 range. ES consolidated between 5679 and 5702.25 for the rest of cash hours.
Most of today’s action matters very little but we will carry forward some of today’s characteristics into and out of tomorrow’s FOMC meeting.
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